The rising inflation has reduced the discretionary income of consumers, forcing them to spend less, and as a result, big retailers like Big Lots are facing a hit.
Big Lots recently announced that it will be closing stores, so is Big Lots going out of business?
Let us explore more reasons why Big Lots decided to cease operations and if it is, in fact, going out of business or not.
Why Is Big Lots Closing Stores?
The biggest reason why large retail chains such as Big Lots close some stores is that they underperform as compared to chain stores in other locations.
Another reason why Big Lots is closing stores is because they want to move from urban areas to small towns. This is because, in small towns, Big Lots faces less competition and enjoy reduced operating cost, which leads to increased profits.
To increase revenue, the CFO of Big Lots, Jonathan Ramsden, revealed, “Our real estate strategy is going to be increasingly oriented towards these rural small town stores where the economics are significantly stronger than in the urban stores.”
Big Lots Revenue
Big Lots made a revenue of $5.65 Billion in 2022, which was 8.11% less than the revenue of $615 Billion generated in 2021.
Then, in 2023 again, Big Lots saw an 11.3% reduction in revenue as it made only $5.01 Billion as compared to the revenue of $5.65 Billion in 2022.
Before this, the revenue of Big Lots was increasing, with a few downfalls here and there. Here’s what the revenue of Big Lots looked like over the years:
Is Big Lots Going Out Of Business?
No Big Lots is not going out of business; however, to increase its revenue, the company decided in 2022 to close down a few underperforming stores. Along with this, they also revealed that they will be opening new outlets in rural areas.
In an interview in 2022, Ramsden said, “The closures this year will end up being somewhat higher than the openings.” He also confirmed that the new store openings would be done slowly in 2023, and the strategy would be targeted toward the rural market.
List Of Big Lots Closing Stores 2023
Here’s a list of Big Lots closing stores 2023:
- Citrus Heights: 8525 Auburn Blvd.
- Ridgecrest: 2360-2390 N Tustin Ave.
- Dublin: 7991 Amador Valley Blvd.
- Arvada: 8125 Sheridan Blvd.
- Englewood: 139 W. Hampden Ave.
- Denver: 7475 E. Iliff Ave.
- Fort Collins: 126 W. Troutman Pkwy.
Is Big Lots Closing More Stores in 2023?
Big Lots publicly shared the above list of stores that will shut down their operations in 2023, but this does not mean that they would not add more stores to the list.
If other Big Lots store keeps underperforming, then they might close them down to cut down on cost.
Although there is no news of Big Lots closing more stores this year or in the coming year, you can keep track of news to find out details about new additions to the list of Big Lots closing stores.
Why Are Large Retailers Collapsing?
How To Find the List of Remaining Big Lots Stores?
In spite of closing a few Big Lots stores, there are approximately 1,400 Big Lots outlets that are still open in the United States.
Given the high number, listing out the remaining Big Lots outlets is practically impossible here. But thankfully, there is a way to find out Big Lots stores that are still open in your area.
The easiest way to do this is to go to the Big Lots store locator page. Simply go to this page and enter your city and state zip code to find your nearest Big Lots stores that are open.
You can also use this store locator to find Big Lots stores that are also open in other locations.
Unless the U.S. economy doesn’t stabilize, big and small companies alike are going to face store closures because of a consistent decrease in revenue.
What lies in the future for Big Lots? No one knows, but let’s keep our fingers crossed and hope Big Lot’s new rural area strategy works out.
We hope your query on “Is Big Lots Going Out Of Business?” was sufficiently answered in this guide!
Who owns Big Lots?
Big Lots is a publicly traded company, and with 74.76% of shares, Institutional investors hold the majority of the ownership of Big Lots.
How many stores does Big Lots have?
According to the Big Lots company website, currently, there are 1429 Big Lots Locations in the United States.
Where is Big Lots headquartered?
The giant retail chain, Big Lots is headquartered in Columbus, Ohio.